Ryanair Earnings Rise on Higher Fares
by
Nov 1st 2010 6:58AM
Updated Nov 1st 2010 7:00AM
Ryanair (RYAAY), Europe's largest low-cost airline, posted a 32% jump in earnings on higher traffic and prices.
The Dublin-based carrier had profit of 330.3 million euros ($461 million) in the quarter ended Sept. 30, up from 250.5 million euros a year earlier, Bloomberg News reported.
Sales rose 29% from a year earlier to 1.28 billion euros.
The company raised its forecast for full-year earnings to 380 million euros to 400 million euros. Ryanair previously forecast earnings of 350 million euros to 375 million euros.
"This strengthens a trend that's really been gathering pace over the past couple of weeks," said Joe Gill, an analyst at Bloxham Securities told Bloomberg News. "Pretty much every major airline in the world has now come in with strong numbers and raised their guidance on the back of solid summer and autumn trading."
Ryanair fares rose 12% in the quarter and should increase by about 10% in the current quarter.
The Dublin-based carrier had profit of 330.3 million euros ($461 million) in the quarter ended Sept. 30, up from 250.5 million euros a year earlier, Bloomberg News reported.
The company raised its forecast for full-year earnings to 380 million euros to 400 million euros. Ryanair previously forecast earnings of 350 million euros to 375 million euros.
"This strengthens a trend that's really been gathering pace over the past couple of weeks," said Joe Gill, an analyst at Bloxham Securities told Bloomberg News. "Pretty much every major airline in the world has now come in with strong numbers and raised their guidance on the back of solid summer and autumn trading."
Ryanair fares rose 12% in the quarter and should increase by about 10% in the current quarter.
